Vice President (VP), Marketing & Business Development Salary
VPs of Marketing & Business Development in the United States can expect to earn a very generous salary, with average salaries (in the ballpark of $122K) surpassing six figures annually. In the world of VPs of Marketing & Business Development, total cash compensation can vary between $68K and $219K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $52K and $20K, respectively. Residence is the biggest factor affecting pay for this group, followed by tenure. Most workers in this position report high levels of job satisfaction. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Men working as VPs of Marketing & Business Development who took the survey just slightly outnumber women at 55 percent. This snapshot results from replies to PayScale's salary survey.
|Salary||$60,299 - $190,617|
|Bonus||$1,021 - $51,556|
|Profit Sharing||$1,510 - $19,866|
|Total Pay (||$68,413 - $219,341|
Job Description for Vice President (VP), Marketing & Business Development
Vice presidents for marketing and business development serve as leaders in developing business and marketing opportunities for their organization. They help develop new products, work in planning and execution of sales, and ensure development and revenue benchmarks are met. They must develop strategies to build their company's customer base, identify potential partners, and implement strategies to achieve the company’s goals. These vice presidents also serve as a primary contact for the company and clients,Read More...
The majority of the vice president's time is spent in an office environment, with substantial travel possible for meetings, presentations, and personal discussion with prospective clients and partners. This is a full-time position, although substantial overtime may be required depending on the business' needs. Senior vice presidents of marketing and business development generally report to the president of the company or another top-level executive; the vice president typically works closely with the president on high-level decision-making.
Vice president of marketing and business development positions typically require at least a bachelor’s degree in a related field, along with at least five to 10 years of relevant experience. Vice presidents of marketing and business development must have excellent interpersonal skills, good business judgment, high oral and written communication skills, and excellent strategy development abilities.
Vice President (VP), Marketing & Business Development Tasks
- Oversee staff operations, business planning and budget development.
- Develop and maintain relationships with decision makers of new and existing clients, and media outlets.
- Research and analyze target markets to develop strategic and tactical plans to grow the business.
- Plan, direct and set the strategic direction of marketing and business development initiatives within an organization.
- Develop pricing strategies and media relations plan, balancing firm objectives and customer satisfaction.
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Popular Skills for Vice President (VP), Marketing & Business Development
VPs of Marketing & Business Development seem to require a number of specific skills. Most notably, skills in Microsoft Office, Product Development, Customer Relationship Management, and Strategic Marketing are correlated to pay that is above average, with boosts between 3 percent and 19 percent. Those listing Product Marketing as a skill should be prepared for drastically lower pay. Marketing Management and Strategic Sales also typically command lower compensation. For most people, competency in New Business Development indicates knowledge of Product Marketing.
Pay by Experience Level for Vice President (VP), Marketing & Business Development
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience is an important factor influencing the compensation of VPs of Marketing & Business Development. Professionals with less than five years' experience earn a median of $85K annually, but folks with five to 10 years under their belts report a weighty six-figure median of $104K. VPs of Marketing & Business Development see a median salary of $148K after reaching one to two decades on the job. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $156K.
Pay Difference by Location
For those looking to make money, VPs of Marketing & Business Development in New York enjoy an exceptional pay rate, 45 percent above the national average. VPs of Marketing & Business Development can also look forward to large paychecks in cities like Los Angeles (+32 percent), Atlanta (+16 percent), San Diego (+15 percent), and San Francisco (+14 percent). Place of residence plays a huge part in a VP of Marketing & Business Development's salary, with Dallas VPs of Marketing & Business Development earning salaries that are 48 percent less than the national average. Employers pay around 33 percent less in Denver and 21 percent less in St. Louis, below-median salaries for those in this field.
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